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International Monetary Fund. Asia and Pacific Dept

2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Democratic Republic of Timor-Leste

International Monetary Fund

This Article IV Consultation reports that the main challenge is to maintain macroeconomic stability in substantial demand shock from the construction of two major liquefied natural gas projects. The global downturn had only a mild impact, as growth was supported by still strong terms of trade, a financial sector insulated from global capital markets, and an increase in public expenditure. IMF staff stressed that monetary policy needed to be focused on emerging inflation pressures and act preemptively to avoid high inflation from becoming entrenched in expectations.

International Monetary Fund

This Article IV Consultation reports that the main challenge is to maintain macroeconomic stability in substantial demand shock from the construction of two major liquefied natural gas projects. The global downturn had only a mild impact, as growth was supported by still strong terms of trade, a financial sector insulated from global capital markets, and an increase in public expenditure. IMF staff stressed that monetary policy needed to be focused on emerging inflation pressures and act preemptively to avoid high inflation from becoming entrenched in expectations.

International Monetary Fund

Timor–Leste’s initial efforts to develop a stable and healthy economy have been interrupted by the civil unrest of the past two years. The security situation remains fragile and an economic burden. The key challenge remains how to manage the abundant petroleum revenue to alleviate near-term social problems and develop a sustainable non-oil economy. Growth has rebounded in 2007, although the civil unrest continues to undermine the economy. Inflation has risen sharply, but remains low relative to regional comparators. Access to financial services remains limited and credit growth has stalled.

International Monetary Fund. External Relations Dept.
In conjunction with its annual Article IV consultation with Japan, IMF staff prepared a background paper (Japan-Selected Issues) on a number of key topics. Two chapters of that paper dealt with the macroeconomic and fiscal implications of Japan's aging population. The authors-Hamid Faruqee, an Economist in the Research Department, and Martin Mühleisen, an Economist in the Asia and Pacific Department-speak with the IMF Survey about their findings.